This is personal for me.
As a marketer, every time I pulled numbers for our weekly pipeline sync-up calls I’ve always wanted to compare how we were doing compared to others in our industry.
But it wasn’t enough to know yearly averages. Because yearly averages are too outdated when you’re looking to hit audacious goals. If I saw a dip in our numbers for that week, I wanted to know if it was just us or was it an industry wide thing.
So, I set out to solve this problem for other marketers like me.
Starting today, RevenueHero will publish weekly benchmark numbers that you can use to compare against others in your industry.
And I hope you find these weekly trends just as useful as I did when I first pulled these numbers.
The methodology
- We pulled the data from our internal customer data.
- We excluded data from customers who were using RevenueHero inside their app, in email campaigns, or for outbound use cases since we wanted to create this benchmark for website demo requests.
- We calculated form submission to qualified form submission as:
Qualified form submissions = (Total qualified form submissions/Total form submissions) x 100
- We calculated qualified booked meetings as:
Qualified booked meetings = (Total qualified booked meetings/Total qualified form submissions) x 100
- Whether the form submission was qualified or not is determined based on the rules that our customers set inside RevenueHero.
Overall numbers for form and lead conversion rates
Between Nov 11 and Nov 17, we analyzed 11,208 form submissions across various industries. Here's what stood out:
- 7,490 were qualified (That’s 66.82% of form submissions were qualified).
- 4,419 qualified meetings were booked (58.99%).
Pretty neat compared to the 30% to 40% baseline.
For every 10 qualified prospects requesting a demo, 4 never made it to a conversation. That's valuable pipeline slipping through your fingers. We’ll talk about how you can increase these numbers later in this report.
For now, let’s dig deeper into the data.
Industry split and which industries are seeing high conversion rates?
We bucketed our customers under 15 most common industries. Here’s how many form submissions each of these industries got last week
When we took a deeper look, we saw that some industries are acing this game.
🏆 Top performing industries last week
These industries have numbers that scream efficiency. With a nearly perfect qualification process and high booking rates, this industry clearly knows how to get qualified prospects to book meetings with them.
1. Real Estate & Property Management
96.13% of form submissions were qualified.
73.60% of qualified leads booked a meeting.
2. Financial & Accounting Software
66.04% form-to-qualified rate.
76.27% of qualified prospects booked a meeting.
3. Education & E-Learning Software
45.10% form-to-qualified conversion rate
70.77% qualified-to-meeting rate
PRO TIPIf there are prospects who are likely to fit your ICP, companies in the Education & E-Learning space could potentially see more qualified folks. And if they manage to retain their qualified to booked meeting conversion rate, that means more pipeline. 🤑
What’s behind the numbers?
1. Qualification gaps
Some industries — like Retail & E-commerce — have a high percentage of disqualified leads, suggesting their targeting or messaging isn’t aligned with their audience. On the other hand, industries like Real Estate are clearly doing an exceptional job of filtering for the right prospects.
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2. Fewer availabilities
Low qualified-to-meeting booked rates (looking at you, Data & Analytics) could potentially mean fewer calendar slot availability. Buyers want to meet at a time when they’re available. If they don’t find a time slot they want, they’re not going to book a meeting with your sales reps.
3. Buyer Persona Behavior
Industries selling to technical audiences, like Developer Tools and Data Software, often face challenges because these buyers prefer to test solutions independently before engaging with sales.
Consider adding in-app meeting booking options to capture interest while prospects are actively engaged or closer to hitting their limits on their trial account. Provide robust educational content like developer docs to build trust. Include an option to speak to someone in your developer documentation to help them out. This could be a technical SDR that’s also silently qualifying your prospects.
Actionable insights to increase your conversion rates
If your Form to Qualified conversion rate is low
- Whenever our own internal numbers for qualified form submissions are low, the first thing I look for is: Are the right people submitting our form? Are there anomalies in the campaigns we’re running that’s driving more unqualified leads? Or did we start a new campaign? In most cases, this is usually true and could mean your targeting needs a second look.
- Double check to see if there are plenty of “test@test.com”. These are weird to handle in my opinion. Sometimes, prospects themselves do these test submissions but come back a few weeks later and submit their actual details. Honestly, I’m not sure why this happens, but I’ve seen this happen in all the companies I’ve worked at.
If your Qualified to Meeting Booked conversion rate is low
- If you’re using Strict Round Robin meaning, only the next sales rep’s calendar slots are visible to your prospects, you might benefit from switching to Flexible Round Robin. This displays free calendar slots from all your sales reps, giving your prospects more time slots to pick from.
- Check your rep’s calendar and see if they’re all booked for the week. If you see your reps are consistently booked, it could indicate that it’s time to scale your team. More available reps mean more free slots for your prospects to book from.
- Set up campaigns to win back qualified prospects who did not book a meeting with you. Think about it —they requested a demo and they are qualified. All they need at this point is some nudge.
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- It’s frustrating to fill forms. Most people abandon the second they click “Submit”. Because who doesn’t get impatient after entering 8 or 9 fields. We highly recommend using enrichment to autofill some of these fields for you. These enriched fields can then be used to automatically qualify and route to the right sales reps. And for your prospects, it’s just a good buying experience, they’re less likely to be frustrated, and more likely to pick a time slot to speak with your sales rep.
What’s next?
Starting next week, we’ll also compare previous week’s data to see how the numbers are trending. In future, we also plan to include numbers like how many of these meetings were actually held.
Stay tuned for next week’s trends. If you haven’t already, sign up to receive these trends directly on your inbox.
